WTF is Crypto and Why Do I Care? 5 Things to Know with Sparrow Finance

In the words of Kendra Cole, mom and founder of Sparrow Finance‍

If you’re like me, juggling a career and kids and personal time with my partner is always a challenge. To help get ourselves organized, my partner and I started sitting down weekly to discuss the many things that we need to accomplish for our family: groceries, who’s doing pick up for the kids, juggling the many birthday parties, oh and are we going to do a date night soon?? 

Something that I did NOT expect to add to my list: Have you checked the crypto investments for the kids? However, as I began my family planning journey, I started to have my own goals for my financial future: I wanted to be more informed about my family’s future investments, like college plans, and I started looking for ways to grow those investments. 

Growing up, I knew about some of the basics like balancing a checkbook but discussing the details about finances, like investing or salary negotiating or credit scores, was not common dinner table talk. As an adult, this led me to feel hesitant and even down right afraid of talking about anything that had to do with money. Now that I have three children of my own, I’m motivated for my children to have a different relationship with money and investments. I’ve heard about cryptocurrency but to be honest, none of the current apps really spoke to me, what was important to me and I wanted to find a community of women that I could walk on this journey with.  

This is what led me and my co-founder (who also happens to be my partner) to build Sparrow Finance the premiere destination for all things crypto for women, by women. We are on a mission to support women by leveraging cryptocurrency to become a part of their wealth-building journey, building confidence and closing the crypto gender gap, one bitcoin at a time. On our platform, she can buy bitcoin in just three easy steps (without the need of any complicated, expensive accessories like a wallet), allocate your bitcoin to meaningful products like a 529 education plan and give the gift of crypto for special occasions, like baby showers or graduations. 

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To help you get comfortable with crypto, here are five Crypto 101 questions that will introduce you to cryptocurrency:  

What is crypto?

Cryptocurrency is a digital currency and Bitcoin is the world’s largest and most popular cryptocurrency. 

What are some other types of coins out there?

‍There are other types of coins such as ethereum and solana, which are called altcoins. We like to say that bitcoin is like Kim and altcoins are the rest of the Kardashian/Jenner sisters (See our explanation of bitcoin vs altcoin here). 

So what do these different coins do?

‍The various coins have different utilities that are typically divided into 4 categories: payment coins, tokens, stablecoins and central bank digital currencies. 

What are the benefits of understanding and investing in cryptocurrency, especially as a parent?

‍As a parent, I’m constantly looking for ways to not only support my family’s current life (financially, educationally, etc), but also looking for ways to support our future. As the financial industry expands and evolves, it’s important for women in particular to become educated about it, even at a basic level, and to make the best decisions for herself and her family. We know how the gender wage gap permeates throughout our lives and now that cryptocurrency is here, we don’t want to see similar gaps in knowledge and use happen when it comes to women not investing early and often. 

There’s a lot of talk about cryptocurrency’s pricing changing and even companies going bankrupt. Should I be concerned?

‍This is a great question. When it comes to investing, I always encourage people to first, educate themselves on what they’re investing in and always do what you’re comfortable with and what is best for you and your family. That said, when it comes to volatility, investing in any market has a certain range of risk. I like to say that I think crypto is maturing and we’re watching it in real time. As with any new industry, there are going to be companies and ideas that come and go (remember when we were kids and we had MySpace pages?!). In recent months, we’re seeing the results of failed regulation and company greed, but that’s not a failure on the actual technology, benefits and possibilities of crypto. With new technology and use cases, it makes it ripe for innovation and that is what is really exciting to me. You’re seeing NFT projects from diverse women all over the world and education groups that are championing women’s education. That’s why Sparrow Finance exists: to create a secure space for women who want to invest in themselves and their families to connect with more women, learn and becoming more confident in their investments. 

Learn more with Sparrow Finance

Follow us on social media  @Sparrow.Invest  and visit our website to sign up. Join and connect with other women on their crypto wealth-building journey.